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UK GAS-Prices rise on lower Norwegian, domestic flows

British wholesale gas prices rose on Wednesday morning, as Norwegian and domestic flows were reduced due to outages.

The day-ahead contract was up 2.00 pence at 98.00 p/therm by 0805 GMT

The September contract was 2.00 pence higher at 97.75 p/therm.

Norwegian flows are reduced due to maintenance at the Troll gas field and UK Continental Shelf production is also impacted by unplanned outages at Bacton Perenco and lower flows from Bacton SEAL terminal.

However, the system was over-supplied by around 10 million cubic metres (mcm), with demand forecast at 112 mcm and supply at 122 mcm/day, National Grid data showed.

UK wind power output is forecast to be above normal tomorrow which could curb demand for gas from power plants.

Peak wind generation is forecast at 8.2 gigawatts (GW) on Wednesday and 9.6 GW on Thursday, out of total metered capacity of around 20 GW, Elexon data showed.

The August gas price at the Dutch TTF hub was up 0.84 euro at 38.47 euros per megawatt hour.

Norwegian flows to continental Europe are nominated 5 mcm down from yesterday, mostly due to lower flows to Germany, Refinitiv gas analyst said.

The benchmark Dec-21 EU carbon contract was 0.79 euro higher at 53.70 euros a tonne.

The benchmark Dec-21 British carbon contract was slow to trade.
Source: Reuters (Reporting by Nina Chestney)

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